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Agency Functions

Foreign Exchange Management
Facilities to Residents
The categories of residents are defined in the Government Gazette Notification No. 15007 dated 21, April 1972 ( “ A Guide to Foreign Exchange Transactions (GFET)-Page 43.) 
CURRENT INTERNATIONAL TRANSACTIONS
Authorised Dealers (commercial banks) are permitted to call for relevant documentary evidence and release foreign exchange without restriction, for all current international transactions, exercising their judgment and discretion after satisfying themselves of the bona fides of such transactions.
1. Import and Export of Goods and Services

Merchandise Exports
Exports of goods and services are freely permitted. Exports are also free to repatriate proceeds on such exports to the credit of a rupee account/ to an Exporters Foreign Currency Account (EFCA) in a domestic banking unit of a commercial bank in Sri Lanka or to retain such export proceeds abroad provided such monies are not used for acquisition of capital assets abroad.  However, export of a few items such as coral shanks and shells, ivory, ebony (handicraft form), timber (logs and plank form) and vintage motor vehicles, require a license from the Controller of Imports and Exports. 

Therefore except for exports requiring a license from the Controller of Imports and Exports, exporters are in a position to make exports through commercial banks without any restrictions.

Merchandise imports
Payments for import of goods are permitted without restriction, subject to the trade policy of the government specified in Gazette Notification No. 291/7 of 15/11/1977, No. 1022/6 of 08/04/98, and subsequent amendments thereto i.e. Gazette Notification No. 1277/12 of 27th February 2003 and No. 1319/28 dated 18th December 2003 issued under the Import and Export Control Act.
(GFET)-Page 11

Entrepot Trade
Import of goods for entrepot trade is permitted on DP, DA terms and on LCs being established in accordance with the following procedure:

               a. Goods imported to be stored in a custom bonded warehouse until they are re-exported to a third country.
               b. Re-packing/labelling/simple processing of goods imported to be carried out in a customs bonded warehouse before re-export to a third country.
              c.
Exportation of goods directly from a second country to a third country without the goods physically arriving in the trader’s country.
              d. Transfer from one ship/air-craft to another within the port without the cargo being taken into a bonded warehouse.

However, the items such as Textile fabric, Garments, Narcotic and Arms and Ammunition are prohibited to be imported for re-export under entrepot trade.

Re-export under entrepot trade is permitted only on payment terms of advanced payment, DP and letters of credit terms. Re-export on DA terms is not yet permitted.
2. Service Payments payments
Payments for services falling under current international (non capital) transactions are permitted freely by commercial banks on the submission of documentary evidence to establish the bona fide of the transactions. It should, however, be noted that restrictions under any other statute such as payment of tax, if any, have to be complied with.
(GFET)-Page 13
  Shipping, Air lines
    Shipping Agents and General Sales Agents of Airlines are permitted to collect freight on behalf of their principals and credit to a Rupee current account or a special foreign currency account maintained at a commercial bank on behalf of principals. All local disbursements such as port dues, container handling charges and agency commissions, have to be made out of this account. Agents should ensure the receipt of inward remittances from their principals to meet any shortfall in the account.  Any surplus funds due to principals in the account after meeting all disbursements in Sri Lanka are permitted to be remitted without the prior approval of the ECD.
  Freight Forwarding
   
Companies carrying out the business of freight forwarding are required to be registered with the ECD under the Government Gazette Notification No. 641/15 of 20/12/90 and those companies may operate a rupee current account for their freight forwarding transactions.
  Income remittances
    The following transactions are permitted through commercial banks
  a. Payment to expatriate employees, including wages, salaries and other benefits paid by employers in terms of their employment contracts.
  b. Investment income including dividends, interest, rent and profits
CAPITAL TRANSACTIONS

Foreign exchange transactions relating to acquisition/sale of real and /or financial assets are classified as capital account transactions. The sequential liberalization of capital transactions was started in the early 1990s and still continues.


  • Investment abroad
    Applications are made by Sri Lankan residents to the Controller of Exchange for release of foreign exchange to make investments abroad. Where such investments involve the acquisition of shares prescribed under Section 17 of the Exchange Control Act, the law requires that the investments could be made only with the permission of the Hon. Minister of Finance.  Even when the foreign investment does not involve the acquisition of prescribed shares, there has been a directive from the Minister of Finance on 19th November 1985 that all applications for investment abroad should be put up to him for approval with a recommendation from the Controller of Exchange. These include even applications by local enterprises for release of foreign exchange to establish liaison and branch offices.

  • Portfolio investment abroad by employees of companies
    Shares to be purchased by employees of local branches/subsidiaries of foreign companies under “Employee Share Option Schemes” are recommended to the Minister on the basis of benefits accruing to such employees in foreign exchange on acquisition of such shares.

  • Investment to establish liaison/branch offices abroad by local companies
    Applications to establish branch/liaison offices for the purposes of entering into overseas marketing arrangements for Sri Lankan exports or to engage in overseas contracts for construction or to supply technical services etc. are recommended to the Ministry of Finance.
    However, enterprises approved by the Board of Investment of Sri Lanka (BOI) with full exemption from the Exchange Control laws would not require permission under the Exchange Control Act to make investments abroad provided that the investment is in respect of the business activities agreed upon with the BOI. 

  • Private borrowings from abroad
    Applications for borrowing from abroad by resident companies are perused by the ECD and approved or rejected, depending on the merits of the case. 

  • Foreign currency borrowings by resident exporting companies
    Commercial banks are permitted to grant loans in foreign currency to exporters of goods and services (direct exporters) who satisfy the bank that they have adequate foreign currency earnings to meet their working and fixed capital requirements. These loans are granted to meet the working capital and fixed capital requirement of the exporter without restrictions on the duration of the period of the loan. Repayment of these loans and the interest on the loans should be in foreign currency. In the event of default of such loans every endeavor must be taken by the bank that granted the loan to sell any assets mortgaged as security for the loan for a consideration in foreign currency. If such efforts fail, rupee proceeds may be converted upto the extent of the amount required for the settlement of the outstanding balance of the loan.

  • Approval of Guarantees
    The issue of guarantees by a resident in respect of any debt or other obligation or liability outside Sri Lanka requires general or special permission of the Controller of Exchange. The Controller of Exchange has permitted all Authorized Dealers to issue or renew guarantees or similar undertakings, the implementation of which would involve a payment of Sri Lanka rupees remittable to a non resident or a payment in foreign currency for the following purposes.

    1. Bid bonds in favour of persons resident outside Sri Lanka without a limit in respect of exports and other service contracts, subject to conditions stipulated in the tender or quotation as per conditions of the tender.
    2. Performance bonds in favour of persons resident outside Sri Lanka without a limit in respect of exports or other service contracts subject to proof of the award of the contact and conditions stipulated in the contact
    3. Letters of guarantee favouring non residents to be issued at the request of agents resident in Sri Lanka on behalf of their foreign principals upto the value of US$ 500,000, subject to obtaining a counter guarantee or counter indemnity on identical terms from the non resident principal in addition to other terms and conditions stipulated above in respect of guarantees.
      Authorized dealers may also issue and renew guarantees and make payments in respect of claims on such guarantees.
      Bank guarantees to be issued of the value over US$ 500,000/- have to be approved by the ECD.
  • Contracts abroad by Residents
    Local companies who enter into contracts with parties abroad are permitted to take out their initial capital with prior approval of the ECD subject to monitoring of surplus funds to be received in Sri Lanka.

  • Purchase of Patent Rights
    Remittance for the acquisition of patent rights, copy rights, trade marks and franchises requires prior approval of the ECD which is granted on a recommendation of the relevant line ministry.
  • FOREIGN CURRENCY ACCOUNTS
    Resident individuals and companies are free to open the following foreign currency accounts in the Domestic Banking Unit (DBU). 
    1. Non-Resident Foreign Currency (NRFC) Accounts
    2. Resident Foreign Currency (RFC) Accounts
    3. Residents Non National Foreign Currency (RNNFC) Accounts
    4. Exporters Foreign Currency Accounts (EFCA)
    5. Resident Guest Foreign Currency Accounts (RGFCA)
    6. Indirect Exporters Foreign Currency Accounts (IEFCA)
    7. Foreign Currency Account for Professional Services Providers (FCAPS)
    8. Foreign Currency Account for Suppliers of Inputs (FCASI)
    9. Foreign Currency Account for Gem and Jewellery Exporters
    1. Non Resident Foreign Currency Accounts (NRFC)
    NRFC accounts should be opened in the name of Sri Lankan Nationals or Non-Nationals who had at any time been a Sri Lanka national, while they are resident abroad or within 90 days of their return to Sri Lanka after employment abroad. These accounts may be held jointly, provided all joint account holders conform these conditions. Funds in the accounts are freely remittable for current international transactions and for the transfer of funds from one NRFC account to another. Income on NRFC funds are exempted from income tax and the NRFC account holders are eligible for loans up to 90% of the funds available in the accounts on pledging their NRFC accounts as a collateral for the loan. Credit card facilities are available against the funds in the NRFC accounts.

              Credits
    • Inward remittances in foreign currency received through any Authorized Dealer.
    • Foreign exchange brought into the country by the account holder.
    • Immediate family members* of the NRFC account holders are also permitted to deposit any amount of designated foreign currencies to the credit of NRFC account.
    • Interest payable in foreign currency on funds held in the Account.
    * Wife/husband, Mother or Father, Brother or Sister, Son or Daughter

               Debits
    • Debits to these accounts may be freely allowed for current international transactions and for the transfer of funds from one NRFC account to another or for payments in Sri Lanka. (Converted to Sri Lanka Rupees at the prevailing rate of exchange.)
    • Travellers Cheques and currency notes may be issued to holders of NRFC accounts against funds held in such accounts for travel abroad, subject to production of travel tickets.

    2. Resident Foreign Currency (RFC) Accounts
    Individuals whether citizens or non-citizens resident in Sri Lanka who are in a position to deposit foreign currency to a minimum of US$ 100 or its equivalent in other convertible currencies out of inward remittances and/or currencies brought into the country can open RFC accounts. These accounts may be held jointly. Interest income on RFC funds are exempted from income tax.


               Credits
    • Inward remittances received and foreign currency brought into the country.
    • Interest earned in foreign currency on these accounts.
               Debits
    • Debits to these accounts are freely allowed for current international transactions and for the transfer of funds from one RFC account to another.

    3. Resident Non-National Foreign Currency (RNNFC) Accounts
    All Authorized dealers can open and maintain RNNFC accounts for non-nationals who are resident, either temporarily or permanently in Sri Lanka on Resident Visas.

               Credits
    • Inward remittances received in any of the designated foreign currencies.
    • Amounts in Sri Lanka rupees authorized by the Controller of Exchange for remittance abroad, converted at the rate of exchange obtaining on the day of credit.

              Debits
    • Outward remittances in any of the currencies approved by the Exchange Control Department are allowed.
    • Payments in foreign currency converted into Sri Lanka Rupees.

    4. Exporters Foreign Currency Account (EFCA)
    Merchandise Exporters are eligible to open Exporters Foreign Currency Accounts (EFCA) utilizing their export proceeds. These accounts may be maintained in the form of Current/Savings/Fixed Deposit accounts with the Domestic Banking Unit (DBU) of any Commercial Bank in Sri Lanka. These export proceeds cannot be credited to any bank account in Sri Lanka which qualifies for tax exemptions or amnesty, such as Non Resident Foreign Currency (NRFC) or Resident Foreign Currency (RFC) accounts.

    5. Resident Guest Foreign Currency Accounts (RGFCA)
    Resident Guest Scheme – Special Accounts
    This scheme has been introduced in 1991 as a part of a package of incentives for prospective foreign investors and professionals who would contribute to the economic and socio-cultural development of the country. Under this scheme, foreign investors and professionals are required to remit funds for investment purposes and their upkeep in Sri Lanka.

    Investors has to remit a sum of US$250,000 or an equivalent amount in any convertible foreign currency for the investment and US$35,000 per person for the upkeep in Sri Lanka of the investor and their each dependent.

    Professionals has to remit US$2,000 per month for the living expenses intending to reside in Sri Lanka and US$1,000 per month for each dependent including spouse.

    For the purpose of depositing the funds brought into the country by the investors and professionals under this scheme, Authorised Dealers have been permitted to open the under-mentioned special accounts in their domestic banking units with the prior approval of the Controller of Exchange.
    Special Accounts for Investors
    Resident Guest Foreign Currency Accounts (RGFCA)
                  Credits
    These accounts should be opened for the purpose of depositing the minimum initial sum of US$250,000 or an equivalent amount in any convertible foreign currency brought into the country through banking channels or on declaration to Sri Lanka Customs for investment in Sri Lanka.
                 Debits
    (A)Withdrawals from this account may be permitted without prior approval of the Controller of Exchange for the following
    1. Investment in “approved projects” subject to production of documentary proof of obtaining relevant approvals.
    2. “Approved projects” for the purpose of this scheme are:

      1. New ventures approved by the Board of Investment in Sri Lanka or a relevant authority;
      2. Existing or new companies engaged in projects approved by a relevant authority; and
      3. Shares listed in the Colombo Stock Exchange
    3. Funds in excess of US$250,000 or equivalent in other convertible foreign currencies brought into the country and held in the account unutilised.
    (B)Withdrawals for any purpose other than investment should be with the prior approval of the Controller of Exchange which will be granted with the concurrence of the Implementing Agency of the scheme.
    Authorized Dealers are permitted to pay interest initially for a period of 2 years on the unutilised balance in this account, provided that the rate of interest does not exceed the rate of interest payable to Non-Resident Foreign Currency (NRFC) accounts. Such interest payment should be transferred to the investor’s Resident Guest Rupee Current Account referred below.
    No interest should be paid after the expiry of the initial two-year period without the prior approval of the Controller of Exchange.

    6. Indirect Exporters Foreign Currency Accounts (IEFCA)
    The foreign currency scheme of “Indirect Exporters Foreign Currency Accounts” was introduced as an added incentive to exporters, thereby permitting indirect exporters to receive payments in foreign currency from direct exporters who are in a position to make payments in foreign currency for their supplies.
  • The facility of receiving foreign currency to the credit of an IEFCA from a direct exporter for the products supplied by an indirect exporter should be available only to those indirect exporters whose products contain at least 35% of domestic value addition. The Authorised Dealers should obtain a certificate issued by the Sri Lanka Export Development Board (SLEDB) or the Board of Investments of Sri Lanka (BOI) to the indirect exporters, confirming that the domestic value addition of his supplies to the direct exporter is 35% or more of the value of the products. Such certificates will be issued by the SLEDB in respect of non-BOI enterprises and BOI, in respect of BOI enterprises after careful assessment of the value added component of the products..
  • Debits should be restricted only to the payments to be made in foreign exchange by an indirect exporter for his imported input requirements and for direct conversions in to Sri Lanka Rupees.
  • Foreign currency such as notes and TCs should not be issued against an IEFCA.
  • The balance in each IEFCA at the end of each month should not exceed US$5,000 and all excess monies over US$5,000 should be converted into Sri Lanka Rupees. The Authorized Dealers should obtain a written consent from the indirect exporter to that effect at the time of opening of the account.
  • Once an indirect exporter ceases his business, Authorized Dealer should convert the entire balance in the account into Rupees within 60days from the cessation of his business as an Indirect Exporter. The EDB and the BOI are expected to review the status of indirect exporters with respect to the value added component of their product at least once a year.

  • 7. Foreign Currency Accounts for Professional Services Providers (FCAPS)
    This scheme has been introduced for individuals, firms or companies in Sri Lanka for those who provide professional services to residents outside Sri Lanka and/or to local firms or companies earning foreign exchange. This account was expected to encourage professional services providers, who render their services to residents outside Sri Lanka and/or to local firms or companies who earn foreign exchange.

    An undertaking should be obtained from the individual, all partners and the Board of Directors as the case may be to the effect that the individual/firm/company is already engaged in providing professional services and that only the payments received in foreign exchange for the provision of such services will be credited to the account.

    Credits
    • Inward remittance received in convertible foreign currency through an Authorized Dealer for providing professional services to residents outside Sri Lanka.
    • Payment received in foreign exchange by way of bank draft or bank transfer for professional services rendered to firms/companies who earn their revenue in foreign exchange.
    Debits
    • Payment in foreign exchange to residents outside Sri Lanka on account of Current Account transactions of the individual/firm/company
    • Disbursement in Sri Lanka Rupees is freely permitted. Withdrawals in Sri Lanka Rupees shall not be eligible for conversion into foreign currency and for re-crediting to the account.
    • Payment to another FCAPS on account of professional services provided.

    8. Foreign Currency Account for Suppliers of Inputs (FCASI)
    This account has been introduced to promote local companies already engaged in supplying material inputs to companies earning foreign exchange.
    An undertaking should be obtained from the Board of Directors of the company to the effect that the company is already engaged in supplying material inputs to a company earning foreign exchange and that only the proceeds received on such supply of material inputs will be credited to the account.

    Credits
    • Payment received in foreign exchange by way of bank draft or bank transfer, for material inputs supplied to any company.
    Debits
    • Payment in foreign exchange to residents outside Sri Lanka on account of Current Account Transactions of the company.
    • Payment in foreign exchange towards cost of material inputs purchased from the companies.
    • Disbursement in Sri Lanka Rupees is freely permitted. Withdrawals in Sri Lanka rupees shall not be eligible for conversion into foreign currency and re-crediting to the accounts.
    9. Foreign Currency Account for Gem and Jewellery Exporters
    This account has been introduced to facilitate the foreign exchange requirements of exporters of Gem and Jewellery Industry in Sri Lanka.
    An individual, firms or companies in the form of non-checkable, savings or fixed deposit account on the evidence of submission of a certificate issued to the National Gem and Jewellery Authority confirming that the individual, firm or company is an exporter of Gem and/or Jewellery.

    Credits
    • Export proceeds of gem and/or jewellery received through the banking system in designated foreign currency.
    • Proceeds of Gem and Jewellery sold abroad and brought into the country, declared to the Sri Lanka customs and tenderd by the account holder in person to an authorised dealer with a copy of the baggage declaration form issued by the Sri Lanka Customs
    • Local receipts in foreign exchange by the account holder in the form of bank draft or bank transfer received in respect of supply of raw materials to gem and jewellery exporters
    • Interest accrued to the account
    Debits
    • Payments in foreign exchange for import of rough gem stones and other raw materials, provided that imports of gem stones and other raw materials are made in conformity with the provisions of regulations made by the Minister of Internal and International Commerce and Food under Imports and Exports (Control) Act, No. 1 of 1969 and published in the Government Gazette No. 1022/6 dated April 08, 1998.
    • Withdrawals in foreign currency notes not exceeding USD 10,000 at a time for purchasing rough gem stones and other raw materials abroad.
    • Withdrawals in Sri Lanka Rupees for local disbursements are freely permitted. However, such withdrawals shall not be eligible for conversion into foreign currency and for re-crediting to the account.
    • Payments in foreign currency to a local supplier of rough gem stones or jewellery which should be in the form of bank transfer or bank draft.
    An account under this scheme should be maintained with a minimum balance of at least USD 10,000
    MISCELLANEOUS
    • Electronic Fund Transfer Cards
    • Gold Trade
    • Post Tsunami Inward Remittance Account (PTIRA)
    • Foreign Currency Fixed Deposit Account for Dual Citizenship Applicants(FCFDA)
    • Possession and retention of foreign exchange
    • Export and Import of Currency
    • Senior Foreign Nationals Special Accounts
    • Electronic Fund transfer Cards
      Credit, debit and other electronic fund transfer cards (EFTCs) may be issued to residents of Sri Lanka by authorized dealers. However, such cards may also be issued to NRFC, RNNFC, RFC and FCBU account holders, irrespective of their residential status provided that expenditure incurred on such EFTCs would be debited to the above mentioned accounts. EFTCs with international access can be used to make foreign currency payments for following purposes. 
    1. Payment to be made abroad by a cardholder for services of a personal nature including travel, accommodation, medical, living and educational expenses.
    2. Payment for purchase of goods abroad for personal use
    3. Payment for import of goods into Sri Lanka for personal use subject to a limit of US$ 3,000 (c. i. f) or its equivalent in any other foreign currency per consignment.
    4. Payment of registration fees, examination fees and annual subscription fees of a personal nature payable to a foreign professional body or academic institution. 
    5. Payment to be made in respect of insurance premium only for travel and health insurance of personal nature
    • Gold Trade
      General permission for import of gold into the country has been granted in terms of the Government Gazette Notification No. 1263/10 of November 22, 2002 for:
    1. Buying of gold in Sri Lanka by any person
    2. Selling of gold in Sri Lanka by any person resident in Sri Lanka
    3. Importing into Sri Lanka and exporting from Sri Lanka of gold by any person provided that the importer/exporter makes a declaration to the Director General of Customs of the quantity and value of gold and purpose for which the gold is imported/exported and also complies with the provisions of the Import and Export Control Act and regulations made there under regulating the import and export of goods
    4. Import of gold on consignment account basis could be done only by a licensed commercial bank or any other limited liability company approved by the Controller of Exchange for that purpose.
    • Post Tsunami Inward Remittance Account
      With effect from 15/02/2005 all inward remittances received from foreign persons and entities, including foreign governments, to Non Governmental Organizations (NGOs) operating in Sri Lanka were required to be channeled through a special account titled, “Post Tsunami Inward Remittance Account (PTIRA)”.
    • Foreign Currency Fixed Deposit Accounts for Dual Citizenship Applicants (FCFDA)
    • This scheme has been introduced for ex-Sri Lankans/ Sri Lankans living abroad who would apply for dual citizenship status. Under this scheme, a family unit or an individual is exempted from making any fee charged on granting dual citizenship, if the principal applicant makes a fixed deposit of US$ 50,000 with an Authorised Dealer for a minimum period of 3 years; while a fee of Rs.200,000 is charged per family unit or an individual applicant if the principal applicant makes a fixed deposit of US$ 25,000 with an Authorised Dealer for a minimum period of 3 years.. (GFET)-Page 41
    • Possession and retention of foreign exchange
    • A person resident in Sri Lanka may retain in his possession foreign currency in the form of currency notes, and/or travellers’ cheques, the aggregate value of which does not exceed US$ 2,000 or its equivalent in other foreign currencies provided that such foreign currency represents: -
      1. Foreign currency purchased by him from an authorized dealer or an authorized person for travel abroad and brought back unutilized while returning to Sri Lanka.
      2. Foreign currency received by him out side Sri Lanka as remuneration for services rendered by him to a person resident out side Sri Lanka.

      Such foreign currency can retain for a period of 90 days from the date of receipt without converting into Sri Lanka Rupees.
    • Export and Import of Currency
    • The declaration limit to Sri Lanka Customs on foreign currency bringing into SriLanka by a person was increased to US$ 15,000 or its equivalent in other convertible foreign currency from the level of US$ 10,000.It was also a requirement to make a declaration to Sri Lanka Customs foreign currency notes brought in by a person if the person intends to take back foreign currency in the form of foreign currency notes exceeding US$ 5,000. In the case of export of foreign currency, a person resident in Sri Lanka could take out foreign currency up to a limit of US$ 10,000 or its equivalent in other convertible foreign currency without declaring to the Sri Lanka Customs. However , he/she should make a declaration to Sri Lanka Customs if the value of foreign currency so taken in the form of currency notes exceeds US$ 5,000 or its equivalent in other convertible foreign currency
    • Senior Foreign Nationals - Special Accounts
    • Senior foreign nationals who wish to prolong their stay in Sri Lanka on residence visa under the "Sri Lanka - My Dream Home Programme" are eligible to open these accounts. This scheme is open to all senior foreign nationals who are over 55 years of age.

      Applicants are allowed to bring their spouses and childern who are under 18 years and unmarried as dependents.

      Applicants are required to remit minimum of USD 15,000 or it's equvalant in other convertible foreign currency and deposit them in a fixed deposit foreign currency account and this amount should remain in the account as long as the applicants stay in Sri Lanka under the resident visa.

      A monthly remittance of USD 1,500 for the principal applicant and USD 750 for accompanying spouse and each dependent chiled for their upkeep in Sri Lanka shall be deposited in Sri Lanka Rupees savings or current accounts.
  • Senior Foreign Nationals' Fixed Deposit Foreign Currency Accounts(SFNFDA)

  •            Credits
    • Convertible foreign currency brought into the country through banking channels
      (Minimum initial sum is USD 15,000)
               Debits
    • a the time of that senior foreign national decided to leave Sri Lanka, with the approval of the Controller of Exchange.
    Interest paid on this account should be transfered to the (SFNRA)
  • Senior Foreign Nationals' Rupee Accounts(SFNRA)

  •             Credits
    • Convertible foreign currency brought into the country by the senior foreign national for his upkeep (i.e. USD 1,500/- per month) and for the upkeep of his spouse or other dependants, (i.e. USD 750/- for each dependent for month)
    • Interest paid on funds held in Senior Foreign Nationals' Fixed Deposit Foreign Currency Accounts(SFNFDA).
                Debits
    • Local expenses of the investor and his dependents;
    • Outward remittances for payments for current international transactions of the investor and/or his dependents resident in Sri Lanka

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